--- title: The Retirement Fears Middle-Class Workers Say Keep Them Up at Night description: Looking ahead to retirement, Americans are worried about their savings, their health, the future of Social Security benefits and more. authors: - name: Adam Hardy role: Lead Data Reporter url: https://money.com/author/adam-hardy/ bio: Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. Adam’s work has also appeared in Business Insider, Forbes, Nasdaq, The Penny Hoarder, Yahoo! Finance and more than a dozen local and regional newspapers. education: University of South Florida, BA, Magazine Journalism at_money_since: 2021 articles: 498 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Shopping - Taxes - Technology also_seen_in: - The Penny Hoarder - Forbes Advisor - Creative Loafing - The New York Times - The Washington Post - Bloomberg - Harvard Law School - The Federal Register - National Consumer Law Center - CBS News - Becker's Hospital Review - Business Insider - Mother Jones - The Week - Fortune - The Philadelphia Inquirer - National Association of Student Financial Aid Administrators (NAFSAA) - Education Advisory Board (EAB) - The Institute for College Access & Success (TICAS) - This Morning with Gordon Deal - Empower - Reddit social: - https://www.x.com/hardyjournalism - https://www.linkedin.com/in/hardyjournalism/ editors: - name: Julia Glum role: Managing Editor url: https://money.com/author/julia-glum/ bio: Julia Glum joined Money in 2018 and specializes in covering financial trends that affect everyday Americans' wallets. She also writes Dollar Scholar, a weekly newsletter that teaches young adults how to navigate the messy world of money. education: University of Florida at_money_since: 2018 articles: 453 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Debt - Economy and Politics - Education - Health and Wellness - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Professional Services - Shopping - Taxes - Technology also_seen_in: - Newsweek - International Business Times - CBS News - Good Morning America - WUSA9 - Pix 11 - The New York Times - Mashable - The Washington Post - CNBC - Politico social: - https://x.com/superjulia - https://www.linkedin.com/in/julia-glum published: '2026-01-22T14:05:10.000Z' section: Retirement tags: - News word_count: 1182 canonical: https://money.com/retirement-fears-middle-class-workers-survey/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Photo collage of a nurse pushing a senior man on a wheelchair, a senior couple walking, a social security card and a piggy bank with coins in the background](https://img.money.com/2024/08/News-Biggest-Retirement-Fears.jpg) Many Americans dream of retirement as a time when they can stop working, travel the world, spend time with loved ones and pursue their passions. On the other hand, the idea of retirement is suffused with anxiety and fear for a significant portion of workers, according to a report released Wednesday by the Transamerica Institute. In its [24th annual survey](https://www.transamericainstitute.org/docs/research/household-income/retirement-outlook-of-american-middle-class-survey-report-2024.pdf?sfvrsn=b5d6c377_8), the nonprofit retirement research organization homes in on the middle class, polling over 10,000 people with household incomes between $50,000 and $199,999. Many of them expressed concerns about their health and finances in their later years. About a third of workers anticipate working past 65, and 15% of them say they never expect to retire. “America’s middle class is navigating the turbulent post-pandemic economy and high rates of inflation,” said Catherine Collinson, CEO and president of Transamerica Institute, in a [news release](https://www.transamericainstitute.org/in-the-news/press-releases/details/portrait-of-american-middle-class-and-its-risky-retirement-outlook-2024). “They are focused on their health and financial well-being, but many are at risk of not achieving a financially secure retirement.” ***Gold Investor Kit Offer: [Sign up with American Hartford Gold today and get a free investor kit, plus receive up to $20,000 in free silver on qualifying purchases](https://money.com/pr/u3ef79664b8e)*** ## 5 biggest retirement fears for the American middle class Transamerica has long tracked what Americans say they are afraid of when it comes to retirement. Over the past decade, in particular, their answers have remained notably consistent: The top three worries are almost always related to inadequate savings, declining health and [uncertainty over Social Security benefits](https://money.com/social-security-benefits-cut-2033/). The latest survey asked respondents to choose their biggest fears from a list of 14 options, including one for “I don’t have any retirement fears.” Only 11% of respondents selected that option. The rest report having at least one major concern for their golden years. Here's a closer look at the retirement issues most likely to be keeping Americans up at night: ### 1\. Outliving their money Americans’ greatest fear for retirement is undisputed. With one exception during the pandemic — when respondents rated potentially declining health as their top concern — people have consistently said they are most afraid of outliving their savings and investments. Growing life expectancy could be one major reason why. Respondents typically expect to live to 90, equating to a retirement of about 25 years if someone retires at age 65. With a longer lifespan comes ballooning health care costs in old age, which can cut deeply into Americans’ nest eggs. The size of the nest egg is another important factor. People who haven't retired yet have an estimated median of $66,000 in retirement savings — far from what they say they'll actually need to live comfortably. The Transamerica respondents typically said they'll require about $500,000 to retire, but separate research puts the cost at as much as [$1.8 million on average](https://money.com/retirement-cost-predictions-2024/). ***Pet Protection: [See How Spot Pet Insurance Can Help Your Dog or Cat](https://money.com/pr/m999af985bb0?data-trk-company=spot-pet-insurance-review&data-trk-imp=true&data-trk-pcu-type=direct_link&data-trk-pcu-uuid=m999af985bb0&encoded_id=)*** ### 2\. Declining health and long-term care Americans are worried their health as they grow older might put a damper on their retirement plans. As a very close second biggest fear, about 40% of respondents cited declining health issues that require long-term care as a chief retirement concern. Health issues come as a double whammy for retirees: One, as a major expense, and two, as a factor that could hinder their goals to travel or nurture certain hobbies. In many cases, folks know firsthand the challenges that long-term care can pose. Already, some 40% of people who haven’t retired (and a similar share of retirees) told Transamerica that they have acted as a caregiver for someone who required long-term care. ***Extra Money: [See how you can get up to $1,000 in stock when you fund a new active SoFi invest account](https://money.com/pr/x00f9061e638)*** ### 3\. Dwindling Social Security benefits Social Security has traditionally been the backbone of the U.S. retirement system. About 55 million Americans receive retirement benefits each month from the agency, but it has serious funding issues. Social Security’s retirement benefit trust fund is expected to run out of money [by 2033](https://www.ssa.gov/OACT/TR/2024/tr2024.pdf) without legislative intervention. If Congress does not act and allows the coffers to deplete, Social Security would not go away — but retirement benefits could be immediately reduced by about 21%. Given the popularity of the program, the funding woes have caused a panic among Americans, and Transamerica’s report highlights the concern. Some 39% of respondents named Social Security benefits being cut or eliminated among their greatest fears about retirement, making it the third-biggest fear overall. Thankfully, there is no indication that the program is going away, and Congress still has several years to pass legislation to [fix Social Security’s financial problems](https://money.com/proposals-fix-social-security-affect-benefits/). ### 4\. Developing dementia Aside from general health declines as they age, Americans appear particularly worried about developing Alzheimer’s disease or a similar dementia-related disorder. According to the Alzheimer’s Association, the disease is progressive and incurable. Often, symptoms aren’t noticed until they’re severe, interfering with basic everyday tasks like chores, finances, and even talking with family or friends. Approximately 6 million to 7 million Americans are diagnosed with [Alzheimer’s](https://money.com/credit-score-decrease-alzheimers-disease-dementia/), and the vast majority of them are 65 or older. While there is no cure, there is treatment to stop the dementia from progressing. But treatment is quite expensive. A 2019 study found that the annual cost of treating Alzheimer’s runs about $15,000 to $30,000 depending on the stage and severity of the disease. The Alzheimer’s Association says the best way to stave off the damaging effects of the disease is to know the [early warning signs of dementia](https://www.alz.org/alzheimers-dementia/10_signs) and to get checked as soon as possible if you or a loved one displays them. ### 5\. Affording long-term care costs [Long-term care](https://money.com/best-long-term-care-insurance/) — whether it's at home from a loved one or at a nursing facility — can be costly. While Medicare helps cover typical health care costs for retirees, to many people’s surprise, it does not cover any long-term care expenses. As the fifth greatest retirement fear, many Americans are worried they won’t have enough money to afford round-the-clock care should they need it in their old age. In many ways, this retirement fear encapsulates all the others in one: a fear of developing a health condition that restricts your daily activities while draining your retirement savings. “Population aging and the skyrocketing cost of long-term care are a threat to the retirement security of \[the middle class\],” Transamerica researchers wrote in the report. Most retirees said they plan to rely on their family or friends to take care of them, if needed, as opposed to receiving professional care, but this is no surefire way to avoid the financial ramifications given the toll it would take on the caregiver’s finances. [Long-term care insurance purchased at the right time](https://money.com/when-to-buy-long-term-care-insurance/) (usually in your 50s or 60s before any conditions arise) can help defray out-of-pocket costs. Typically, the policy is cheaper the younger you are when you purchase it. Annual insurance premiums usually run anywhere [from $900 to $7,000](https://money.com/long-term-care-insurance-costs/#Costs), compared to the price of services without coverage, which average between $60,000 and $100,000 per year in the U.S. *Editor's note: Money originally published this article on August 29, 2024.* ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/retirement-fears-middle-class-workers-survey/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "The Retirement Fears Middle-Class Workers Say Keep Them Up at Night" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/retirement-fears-middle-class-workers-survey/#webpage", "url": "https://money.com/retirement-fears-middle-class-workers-survey/", "name": "The Retirement Fears Middle-Class Workers Say Keep Them Up at Night", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2026-01-22T14:05:10.000Z", "mainEntity": { "@id": "https://money.com/retirement-fears-middle-class-workers-survey/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/retirement-fears-middle-class-workers-survey/#breadcrumb" } }, { "@type": "NewsArticle", "headline": "The Retirement Fears Middle-Class Workers Say Keep Them Up at Night", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2024/08/News-Biggest-Retirement-Fears.jpg", "width": 1440, "height": 960, "caption": "News-Biggest-Retirement-Fears" } ], "author": [ { "@type": "Person", "name": "Adam Hardy", "url": "https://money.com/author/adam-hardy/", "@id": "https://money.com/author/adam-hardy/#author", "description": "Adam Hardy is a lead data journalist at Money, where he frequently reports on financial barriers that affect low-income Americans. 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